157.01 Investment of funds.
157.02 Interest on deposits and investments.
157.03 Treasury Investment Board.
CROSS REFERENCES
Investment of funds - see Ohio R.C. 731.56
Investment; limitations; procedure - see Ohio R.C. 731.57
Uniform Depository Act - see Ohio R.C. Ch. 135
Inactive deposits - see Ohio R.C. 135.05 et seq.
Whenever there are monies in the Treasury of the City, which will not be required to be used for a period of six months or more such monies may in lieu of being deposited in a bank or banks or after such deposit be invested in accordance with the provisions of Ohio R.C. 731.56 to 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(Ord. 51-1958. Passed 12-17-59.)
(Ord. 51-1958. Passed 12-17-59.)
All investment earnings on money included within a public deposit of a subdivision and belonging to undivided tax funds shall, except as otherwise expressly provided by law, be apportioned by the auditor pro rata among the separate funds or taxing districts in the proportions in which they are entitled to receive distribution of such undivided tax funds, due allowance being made for sums transferred in advance of settlements. All investment earnings from other moneys deposited by a treasurer, which by reason of being custodial funds, or funds belonging in the treasury of a taxing, assessment, or other district of which the treasurer is acting as ex officio treasurer, or for any other reason, do not belong in the treasury of the state or subdivision shall, except as provided in O.R.C. §135.351, be apportioned among and credited to the funds to which the principal sums of such deposits or investments belong. All other investment earnings, except as provided in O.R.C. §135.351 and by resolution adopted pursuant to O.R.C. §3315.01 or O.R.C. §3375.391, shall be credited to the general fund of the county, municipal corporation, township, taxing district, assessment district, or other local authority to which the principal sum thereof belongs. (Res. 15-04. Passed 5-21-15.)
(a) In accordance with Ohio R.C. 731.56, 731.57, and 731.58, there is hereby created an account to be known as the Treasury Investment Account which shall be maintained by the Treasurer and in which there shall be entered all transactions related to the investment of treasury funds under Ohio R.C. 731.56 and 731.57. The Treasury Investment Account shall be maintained in accordance with the applicable provisions of Ohio R.C. 731.58.
(b) The Mayor, the Treasurer and Law Director of the City shall constitute the Treasury Investment Board, and in connection with the performance of their duties on the Board, the Mayor and the Treasurer shall be bonded, which bonds may cover other contingencies in which such offices might become liable to the City. It is hereby determined that the Law Director need not be bonded in connection with the performance of his duties on the Board.
(Ord. 17-32. Passed 10-18-17.)
EDITOR’S NOTE: See current Public Employee Bond Ordinance.